Ruble plummets 30% as sanctions begin to take effect

The ruble plummets close to 30% against the dollar in offshore trading.

The Russian currency hits an all-time low against the dollar as trading markets open for the first time since Western countries announced severe sanctions against Russia.

The Ruble fell to as low as 199 per dollar.

The benchmark West Texas Intermediate crude oil price surges over five percent as traders grow increasingly worried about an energy crisis, upping demand for fuel.

The European subsidiary of Russia’s state-owned Sberbank is facing bankruptcy, the European Central Bank says. The bank was targeted in the sanctions announced on Saturday.

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